Urgent Advice Needed: Mortgage Refused because I have bad credit

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Hi Babog,
No I haven't approached the Welfare Officer yet.
I suppose it depends on each individual case.
I contacted Citizens Advice and they basically asked me what I was getting as in Salary/Tax credits etc.
I wasn't feeling to confident after speaking with them as they informed me that I'm more or less getting all I'm entitled too.
Because I'm working full time, I'm a little over for FIS also.
 
I wasn't feeling to confident after speaking with them as they informed me that I'm more or less getting all I'm entitled too.
No harm in applying for other payments anyway. If you don't qualify then the relevant authority will soon tell you.
 
No harm in applying for other payments anyway. If you don't qualify then the relevant authority will soon tell you.

Absolutely.

I have contacted Start about that one missed payment.
They are okay as long as every couple of weeks there is something payed off. It will not affect my ICB rating as long as this happens and as long as there is no other payment missed.
I asked them if they offer a 'holiday' from your mortgage for 1 - 3 months like other lenders but they don't offer anything of the sort. :(
This would have been a help to get on top of things but it's not to be.
 
I have contacted Start about that one missed payment.
They are okay as long as every couple of weeks there is something payed off. It will not affect my ICB rating as long as this happens and as long as there is no other payment missed.
Did you get all this in writing from them?
I asked them if they offer a 'holiday' from your mortgage for 1 - 3 months like other lenders but they don't offer anything of the sort. :(
I think that few, if any, sub-prime lenders do.
 
Did you get all this in writing from them?

No..just a discussion over the phone this lunch time with a member of their 'customer service'
I probably should have requested a letter confirming our discussion.
He just informed me that the call was recorded.

I think that few, if any, sub-prime lenders do.

I'm sure that some do, I've known of two cases where people have taken a break from their mortgage for 3 months.
 
Please do apply for mortgage interest supplement.
It is not paid by Social Welfare, instead by the Health Board.
Each case is dealt with on a case by case basis, rather than there being strict guidelines as can be the case with Social Welfare payments.
If you ever want to talk you can PM me, as I am in a very similiar situation to you.
Wishing you all the best,
Babog
 
Apologies if the following post is very harsh, but it is my honest opinion on the matter:

I've read this thread from start to finish. I'm not surprised you are in your current situation.

You put a deposit down on a home even though there was no chance you could get a "normal" mortgage. You have a history of bad credit. You do not understand interest rates. You cannot afford a home without a 100% mortgage.

Clearly you were not in a position to even consider getting a mortgage. I don't believe you understood the seriousness of having debt for 35 years.

You were given an incredible amount of support here, yet you ignored all their advice and stupidly got a high interest mortgage.

I am very sorry to hear you have now split up with your partner.

I do not think you are capable of sorting out this situation. I do not think you fully understand the concept of debt. I am concerned you will do something stupid as a temporary solution to your situation.

This is my advice:

Well done for contacting MABS. You need to follow every word of their advice. Do not override their advice, as I do not believe you are capable of making wise financial decisions.

You need to let the experts decide what you need to do. Do not try to solve this situation yourself.
 
Apologies if the following post is very harsh, but it is my honest opinion on the matter:

Something you're very much entitled to.

I've read this thread from start to finish. I'm not surprised you are in your current situation.

Either am I, but for other reasons, but I've pointed that out myself and I don't need my nose being rubbed in it.

You put a deposit down on a home even though there was no chance you could get a "normal" mortgage. You have a history of bad credit. You do not understand interest rates. You cannot afford a home without a 100% mortgage.

First of all, the deposit was given before we had a refusal from IIB.
Secondly, yes back then I was a lot less understanding of Interest Rates than I am today. I don't like the tone of your post, you are almost labelling me as stupid.


Clearly you were not in a position to even consider getting a mortgage. I don't believe you understood the seriousness of having debt for 35 years.

Well I understand it now!!!

You were given an incredible amount of support here, yet you ignored all their advice and stupidly got a high interest mortgage.

I have already thanked the people who gave their support and advise back then and indeed in the recent days. Yes, I didn't take it all on board at the time. I let other things cloud my better decisions and done something very foolish and silly. I'm paying the price for it today.

I am very sorry to hear you have now split up with your partner.

I do not think you are capable of sorting out this situation. I do not think you fully understand the concept of debt. I am concerned you will do something stupid as a temporary solution to your situation.

If I thought I could sort this out myself I wouldn't be back on this thread asking for advise again would I? No, I cannot sort this out myself and am well aware that I have left myself with heavy financial burdens. But don't tell me that I don't understand the concept of a 35yr dept. I understand it alright. Things changed dramatically since my original post, I'm trying to keep my head above water here and am doing so just by the skin of my teeth.


This is my advice:

Well done for contacting MABS. You need to follow every word of their advice. Do not override their advice, as I do not believe you are capable of making wise financial decisions.

You need to let the experts decide what you need to do. Do not try to solve this situation yourself

I'm sorry if my reply is a bit on the defensive side but I'm not insterested in negativity anymore. I have given myself a hard enough time without having to defend myself on here.
 
bmg said:
First of all, the deposit was given before we had a refusal from IIB.

Secondly, yes back then I was a lot less understanding of Interest Rates than I am today.

You see, this clearly says to me you are willing to dive into a situation without understanding what you're doing.

How could you consider taking on 35 years of debt without understanding -

1. Having a bad credit rating means you cannot get a mortgage. I understand you thought you could just stop paying your loan when you got pregnant, so you didn't realise you had bad credit, but to me that is another symptom of not understanding the basics of debt. Why would pregnancy mean you don't have to pay your loan?!
2. Not understanding interest rates.

These are really basic things, and to not understand them when taking on half a life of debt blows my mind.

I am sorry if I am being harsh, but I only have the evidence presented before me, and I do not think you are capable of managing your debt/money.

That is why my advice is to do everything MABS says.
 
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I understand you thought you could just stop paying your loan when you got pregnant, so you didn't realise you had bad credit, but to me that is another symptom of not understanding the basics of debt. Why would pregnancy mean you don't have to pay your loan?!

I did not ever say that I thought I could just stop paying my loan because I was pregnant or on maternity leave. I struggled with money when I was on Maternity Leave and didn't manage to meet the payments on 3 occasions. It was the first and last time that loan ever went into arrears.

I'm not going to keep explaining myself. I know the damage has been done, but continuing to punish myself for it is not going to change things or make things better.

As I said, you're entitled to your opinion. But to be honest unless you are on here to offer something more constructive I'm not interested.
I've learned & learned the hardway, enough said!!!!!!
 
My contructive advice is to not overrule the advice of people more knowledgeable than you, e.g. MABS or people like 2pack, etc.
 
Jeez bmg ur really having a hard time eh :(

I started reading the post as i had missed it first time round and have to say i was really expecting a happy ending..
I'm so sorry things have turned out this way for you,

I really hope MABS can offer you good advice as it seems to be the only way to go at the moment, also i would get legal advice on the house situation as your ex can't expect you to keep up the repayments and then reap half of the benefits if/when you decide to sell it..

I really only posted to show support as the last few threads i think would've got you down.. Keep your head up x
 
I really only posted to show support as the last few threads i think would've got you down.. Keep your head up x

Ditto... people make mistakes and I've no doubt BMG is suffering enough.

I would suggest you take the legal route with your ex-partner. This is not just your responsibility after all and should not be left to you to deal with on your own.
 
Thanks Guys for the support.

I made a call to MABS this afternoon again, this time to the nearest office to me and am just waiting on a call back to set up a date for meeting.
I'm anxious & nervous about it but it's gotta be done.
 
bmg,

don't be too nervous. This isn't a bad thing you are doing it is a positive action and a decisive step, there are others ahead but at least if you take this one, you will have help taking some other ones. Remember, you have kept your head above water and you aren't falling behind on your loans so you are taking this step before you are forced to by circumstances.

One thing I might suggest would be to maybe do some preparatory work before going into the MABS office for your appointment. Have payslips and statement accounts sorted out and put in a folder. Include recent household bills and any other expenditure that you keep evidence of. Look at the MABS website and go through the steps there, or at least make a start at it, this is probably where they will start so no harm having the exercise complete. List your debts and prioritise them. Identify your necessary day-to-day expenses. Identify monthly, quarterly, annual etc expenses. Make a first attempt at a budget in their template. And bring all this with you. Request your ICB report to see how it now stands, bring that along too. Going in prepared will help both you and them.

Best of luck
 
bmg,

don't be too nervous. This isn't a bad thing you are doing it is a positive action and a decisive step, there are others ahead but at least if you take this one, you will have help taking some other ones. Remember, you have kept your head above water and you aren't falling behind on your loans so you are taking this step before you are forced to by circumstances.

One thing I might suggest would be to maybe do some preparatory work before going into the MABS office for your appointment. Have payslips and statement accounts sorted out and put in a folder. Include recent household bills and any other expenditure that you keep evidence of. Look at the MABS website and go through the steps there, or at least make a start at it, this is probably where they will start so no harm having the exercise complete. List your debts and prioritise them. Identify your necessary day-to-day expenses. Identify monthly, quarterly, annual etc expenses. Make a first attempt at a budget in their template. And bring all this with you. Request your ICB report to see how it now stands, bring that along too. Going in prepared will help both you and them.

Best of luck

Thanks:)

Well the pack that MABS are sending me out I'm sure will be of some benefit and help to me.
I applied online today with ICB for my report, so that should be back in a few days (and no I don't have a credit card - I borrowed my friends) :eek:
I know they are not going to judge me but I feel embarrassed about going in. But I'm also looking foward to getting the ball rolling and sitting down with someone who knows what they are talking about!
 
Renting a room is not an option at the moment. The 'spare room' is not furnished. I just don't have the extra cash at the moment to do it up.

You should give this greater consideration; have a look on daft.ie/sharing to see how much you might get in your area. An extra 300-500 tax free per month could make all the difference. Plus help with bills.

I'd move my own furniture in and sleep on the floor if that's what it took, alternatively someone might take unfurnished.
 
Clearly you were not in a position to even consider getting a mortgage.
Some harsh comments there especially considering the predatory lending practises of certain institutions in the last few years. What's done is done so unfortunately your advice can't do much for the OP at this stage. At least they are taking the necessary actions to get it resolved now though.
 
Some harsh comments there especially considering the predatory lending practises of certain institutions in the last few years.

The banks cannot be blamed for bmg's situation.

She was given loads of good advice, but she ignored it all.

She made some terrible decisions. I do not believe giving her a hug will sort her out. She needs tough love a this stage.

If she follows the advice of the experts, she can sort her situation out, and move on with her life. If she ignores the advice of the experts, she's in big trouble.

Someone has to tell it as it is...
 
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